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Kurdistan region a safe investment haven
24.3.2007
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March 24, 2007
Dubai: Iraq's Kurdistan region is marketing
itself as a safe haven for Arab investors in an
otherwise troubled nation beset with insurgent
violence and foreign military presence.
"The difference between Kurdistan and other parts of
Iraq is that we have political stability and safety.
We have had a regional government since 1992," said
Herish Muharam, chairman of the Board of Investment
for the northern Iraqi Kurdistan region.
While normal life remains disrupted in most parts of
the country, the northern region is experiencing a
sort of economic boom by Iraqi standards, if Kurdish
officials are to be believed.
An official Kurdistan delegation made a strong pitch
for foreign investment at an economic conference
held in Dubai recently to promote bilateral business
links.
Under discussion
A number of Gulf investors are interested in energy
supply, road and water projects, Muharam said.
"Several projects are under discussion. It will take
about a month to take a decision on their
approvals," he said.
"Several Saudi companies have made fact-finding
visits and there are already Iranian, Kuwaiti,
Turkish, Jordanian and Lebanese companies operating
in Kurdistan," he added.
Muharam said the regional government has set up a
fast-track process for approving foreign investment.
Captain Lance S. Carr, who works with the US
military administration in Iraq, described Kurdistan
region as different from other parts of Iraq.
"You see a lot of construction cranes in Kurdistan,"
he said. Following the 1991 Gulf war that ousted
Saddam Hussain's forces from Kuwait, the US and its
Western allies declared northern Iraq a "safe
haven," effectively ending much of the central
government's authority on the Kurdistan region.
The American military favours US companies for big
reconstruction contracts, but Iraqi and other non-US
firms get involved in sub-contracts and supply
deals.
Carr said the situation is changing for non-US
companies as more money is now being spent on
reconstruction efforts by the Iraqi government.
gulfnews com
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